Consultation outcome

Consultation on expanding the dormant assets scheme

This consultation has concluded

Download the full outcome

Detail of outcome

This is the government’s response to the consultation on expanding the Dormant Assets Scheme, which ran from 21 February to 16 July 2020.

  • After carefully considering all responses, the government intends to legislate to include additional assets across from the insurance and pensions, investment and wealth management, and securities sectors in the Scheme.

  • Scheme expansion has the potential to unlock more than £800 million for social and environmental causes.

Original consultation

Summary

A consultation on proposals to expand the dormant assets scheme. In light of the ongoing impact of coronavirus (COVID-19), the government is extending the deadline for responses to 16 July 2020. Please email us at dormantassets@culture.gov.uk if you have any questions.

This consultation ran from
to

Consultation description

The government has launched a consultation in order to gather views on its proposals to expand the dormant assets scheme to include new financial assets.

The public consultation follows two industry-led reports, which made a series of recommendations on broadening the current scheme beyond bank and building society accounts to include assets from the insurance and pensions, investment and wealth management, and securities sectors.

Having considered industry’s recommendations, the government is now inviting input on the detailed proposals to expand the scheme. We are particularly interested in hearing views from potential participants, consumer groups, regulators, and interested individuals.

This consultation closed at 11:59pm on 16 July 2020

Documents

Published 21 February 2020
Last updated 18 January 2021 + show all updates
  1. HTML version of Government response to the consultation on expanding the Dormant Assets Scheme attachment added

  2. Government response to the consultation on expanding the Dormant Assets Scheme added - 9th Jan 2021

  3. 'How to respond' section has been removed, as applications have now closed.

  4. In light of the ongoing impact of coronavirus (COVID-19), the government is extending the deadline for responses to 16 July 2020. Please email us at dormantassets@culture.gov.uk if you have any questions.

  5. First published.